IPOs Struggle as Four Price Low, Two Postpone

Four of the six companies expected to debut trading on Wednesday priced shares at the low end or below their estimated ranges, while two others postponed their initial public offerings.

Commercial real estate financier Walker & Dunlop Inc. offered 10 million shares at $10 each, undercutting its range of $14 to $16. The shares fell to $9.94 in afternoon trading on the New York Stock Exchange.

Gain Capital Holdings shares were also down, falling 33 cents to $8.67 on the NYSE. The online foreign exchange trading platform offered 9 million shares at $9 apiece, below its range of $13 to $15 per share.

Payment products and services provider FleetCor Technologies Inc. saw its shares climb in their debut. They added $2.96, or nearly 11 percent, to $27.80 on the NYSE, even after the company priced 12.7 million shares at $23 each -- the low end of its $23 to $26 range.

The stock of communications company RigNet Inc. also rose, adding 16 cents to $12.16 on the Nasdaq global market. It priced 5 million shares at $12 a share, below its estimated range of $14 to $16.

Two companies, Swift Holdings and BG Medicine Inc., pulled IPOs scheduled for Wednesday. Both are expected to debut later this week.

The overall stock markets edged lower Wednesday afternoon, giving back gains earlier in the day. The Dow Jones industrial average fell 12.71 points, or 0.1 percent, to 11,463.83. The broader Standard & Poor's 500 dropped less than half a percent to 1,235.64. And the Nasdaq composite index slipped 11.88, or 0.5 percent, to 2,615.84.